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> The bank said it was no longer able to supply liquidity to European subsidiaries following an order from Russia's central bank, which is seeking to preserve f
by lioeters 5y ago
> The bank said it was no longer able to supply liquidity to European subsidiaries following an order from Russia's central bank, which is seeking to preserve foreign currency. But it said capital and assets were sufficient to pay all depositors.
I wonder if customers of their European subsidiaries are protected by an EU-equivalent of FDIC, guaranteeing their deposits? (I accidentally wrote "despots", haha..)
EDIT: I suppose it's the European Banking Union. https://en.wikipedia.org/wiki/European_Banking_union https://en.wikipedia.org/wiki/European_Banking_union
- jacquesm 5y agoTypically if the bank operated with a license from the local CB (as they should) the accounts will be insured up to 100K or thereabouts.
- pfg 5y agoThat's correct. Sberbank Europe is registered as an Austrian bank, so the Austrian equivalent of the FDIC has to cover deposits of up to 100K per client.
- jacquesm 5y agoHere is the exact insurance scheme for Austria: https://www.fma.gv.at/en/bank-accounts/deposit-protection/ https://www.fma.gv.at/en/bank-accounts/deposit-protection/